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20 Feb, 2026
Victory Electric Vehicles International IPO
The ₹40.66-crore offer of Victory Electric IPO is purely a fresh issuance and there will be no offer-for-sale as it looks to raise funds for expanding the business and its working capital requirement in the electric vehicles segment. The company, founded in 2018 with a mission to provide affordable mobility solutions based on EV technology, aims to use the proceeds of the IPO to expand its manufacturing capacity and increase penetration across target states where demand is growing for last-mile electric transportation.
Company Background
Victory Electric Vehicles International Limited is an EV manufacturer that designs, manufactures and markets a collection of electric three-wheeler & two-wheeler vehicles for passenger vehicles (for both family and individuals) and goods transportation (commercial or Tourist). Based in the Delhi–NCR region and home-based in Bahadurgarh/Jhajjar (Haryana, India), the company has its roots since 2011, operating under Victory Group, which eventually transformed from a partnership firm to a limited company as the opportunity of EV expanded in India. Its business is based on offering eco-friendly and economical commuter, small-business, delivery and municipal vehicles that are of high quality, rugged and low cost to own.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Victory Electric Vehicles International IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Victory Electric Vehicles International IPO Details
| Detail | Description |
|---|---|
| IPO Date | 7 to 9 January, 2026 |
| Listing Date | Wednesday, 14 January, 2026 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹41 per share |
| Lot Size | 3,000 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 84,30,000 shares (aggregating up to ₹35 crore) |
| Reserved for Market Maker | 4,23,000 shares (aggregating up to ₹2 crore) |
| Fresh Issue(Ex Market Maker) | Alacrity Securities Ltd. |
| Net Offered to Public | 80,07,000 shares (aggregating up to ₹33 crore) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,56,60,000 shares |
| Share Holding Post Issue | 2,40,90,000 shares |
Victory Electric Vehicles International IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wednesday, 7 January, 2026 |
| IPO Close Date | Friday, 9 January, 2026 |
| Tentative Allotment | Monday, 12 January, 2026 |
| Initiation of Refunds | Tuesday, 13 January, 2026 |
| Credit of Shares to Demat | Tuesday, 13 January, 2026 |
| Tentative Listing Date | Wednesday, 14 January, 2026 |
Victory Electric Vehicles International IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,46,000 |
| Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,46,000 |
| S-HNI (Min) | 3 | 9,000 | ₹3,69,000 |
| S-HNI (Max) | - | - | - |
| B-HNI (Min) | - | - | - |
Victory Electric Vehicles International IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Wide array of EV product offerings spanning across passenger e‑rickshaws, cargo/loaders, garbage e‑rickshaws, school vans and customised applications (like ice cream and milk vans) to electric scooters covering various last-mile / commercial destinations.
- • Extensive and expanding geographic reach in multiple Indian states through a dealer and distributor network, providing scale in both urban and semi‑urban markets under an overwhelmingly B2B‑led model.
- • Experienced promoter‑led organisation with over a decade of domain experience in e‑rickshaw and EV manufacturing, supported by in‑house capabilities and a focus on automation and robotics to improve product quality and production efficiency.
Victory Electric Vehicles International IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 33.19 | 16.9 | 1.62 | 16.5 | 8.67 | 4.85 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 31 | 51 | 5 | 15 | 7.04 | 9.29 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 21.94 | 48.76 | 4.89 | 9.7 | 7.09 | 5.3 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 19.17 | 52.14 | 0.79 | 4.24 | 2.2 | 2.9 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 42.10% |
| ROCE | 31.27% |
| Debt/Equity | 0.62 |
| RoNW | 42.11% |
| PAT Margin | 10.17% |
| EBITDA Margin | 15.32% |
| Price to Book Value | 4.32 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 3.3 | 1 |
| P/E (x) | 12.41 | 30 |
Conclusion
Victory Electric Vehicles International IPO investment rationale — Victory Electric Vehicles International, through this issue, offers investors to be part of India’s rapidly-growing electric three-wheeler and small-EV space, where demand is likely to remain robust given increasing fuel prices, favorable policies and solid last-mile mobility requirements. Continuing to expand its presence in major EV markets and further pursuing its strategy of growing capacity, working capital and performance aspects by using proceeds from the offering, the issuer targets to increase long-term value as it develops into a technology-driven, global mass-market automobile company; however, realization may depend on execution efficiency of the issuer’s involvement in new areas of the evolving automotive market landscape.
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